West Sacramento Short Sale Information: September 2012

Friday, September 28, 2012

West Sacrmento Short Sale Information - Postponing Foreclosure Sale Dates

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let's talk about getting your West Sacrmento foreclosure sale date postponed when participating in a West Sacrmento Short Sale.

Now the big disclaimer here is there are no magic bullets and never, ever can we guarantee that if you have a West Sacrmento foreclosure sale date coming up the sale will be postponed. This is a wild gamble that few if any West Sacrmento Short Sale Agents want to take on. This process gives me more grey hair than I care to mention.

One of the most important pieces to the West Sacrmento Short Sale foreclosure sale date postponement process is to have a good offer in hand and submitted, to have a complete West Sacrmento Short Sale package and it helps to know who the investor is.

The Servicers and investors are all about mitigating loss. We know from experience that on a typical West Sacrmento Short Sale sold at or near Fair Market Value the West Sacrmento Short Sale will net the investor 20-30% more than a West Sacrmento foreclosure. Remember it is always about the money. Always.

The important thing to know is when your West Sacrmento Foreclosure sale date is and at what time. The trickiest of them all are the Monday morning sales. These you have to be sure you have confirmation on Friday to feel good about the weekend.

So how do you go about getting a West Sacrmento Foreclosure sale date postponed? Well as I mentioned earlier it helps to have a good offer that makes sense for the investor to risk another 30 days waiting for the approval. The process starts usually a week to 10 days prior to the sale. Many banks and servicers won't ever consider a postponement until a week out, so watching your time lines is important.

Usually we can work through the normal channels to get the sale date postponed but there are times we have to escalate the file. Quite frankly if we don't have confirmation 4 days prior to the West Sacrmento Foreclosure we are in escalation mode and the closer the date gets the higher we escalate. Our last Chase escalation caused quite a stir but we were successful and really isn't that all that matters.

The key to a good postponement and escalation is stating your story in a quick concise manner and never, ever make it personal. This is a business transaction pure and simple. Once you make it personal you have lost.

An art form? Yes you could say that but it is an art form we have mastered. Need the masters on your side? Call us we can help.

Is a West Sacrmento Short Sale Right for Me?

To get a better idea of when your West Sacrmento homewill be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacrmento short sale information. Call me today and sleep better tonight; you'll be glad you did

Thursday, September 27, 2012

West Sacramento Short Sale Information – The Mortgage Cops are looking for Strategic Defaulters

Looking for West Sacramento short sale information? You have come to the right place. Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about a recent report by Lew Sichelman in the Chicago Times regarding the FHFA tracking down Strategic Defaults

Who knew we had mortgage cops right? We evidently we do. As recently reported in the Chicago Times the Office of the Inspector General at the Federal Housing Finance Agency – the supervisory agency of Fannie Mae and Freddie Mac has launched an investigation into those who could have paid for their mortgage but decided to let the properties go to foreclosure instead.

So let’s think about this for a minute. Can the Feds really come after you if you could pay the mortgage and decided to let the property be foreclosed on instead? The OIG thinks so. They figure Fannie and Freddie lost nearly a billion dollars to Strategic Default and they want their money back. They are especially focused on the “Buy and Bail” crowd – those who bought another property and let he first one go to foreclosure.

So you have heard me before say that it truly is a business decision to get out from under your underwater mortgage – but what if you are classified as a Strategic Defaulter?

Guys that is where a West Sacramento Short Sale comes in. In order to complete a West Sacramento Short Sale the investor, in this case Fannie Mae or Freddie Mac have to agree to the West Sacramento Short Sale. If they agree to let you out of the mortgage how can they possibly come back after you? As long as you did not falsify information on your mortgage application the answer is they can’t.

If you are upside down in your property and you have made the decision to walk away from the mortgage, a West Sacramento Short Sale is the safer way to go, not to mention it is easier on your credit and you can buy again within 2-3 years vs. 5-7 in a foreclosure.

Is a West Sacramento Short Sale Right for Me?

To get a better idea of when your West Sacramento home will be worth what you owe, log in to www.shortsaleandloanmod.info for a free estimate or call me today for a free no obligation consultation or for the latest West Sacramento short sale information. Call me today and sleep better tonight; you’ll be glad you did

Wednesday, September 26, 2012

West Sacramento Short Sale Information - Chase Short Sales

Today let’s talk about West Sacramento Short Sales with Chase.

We have rarely had a West Sacramento Short Sale where Chase was the servicer where we did not have to escalate the file to senior management.

This recent file was no exception. We have been working on this Short Sale file for way, way too long. We had a good offer that would not only save the investor thousands but also help the homeowner avoid foreclosure. We received the short saleapproval letter however it was different from what we had submitted. Chase changed the terms when they approved the short sale. Well those changes were not acceptable to the buyer. Let’s face it, you don’t just change the terms and expect to force feed the approval down everyone’s throat – maybe if you are Chase you do.

We did all we could through the “normal” channels only to be stonewalled at every turn. We had escalated the file to a contact at Chase who is normally very helpful but also very busy. Haven spoken to her on Monday we felt assured the file would be handled by Friday. Each day we received voice mail when calling until finally we received an email on Friday stating she was out of the office until the following Tuesday. With a foreclosure sale date scheduled for the following Monday we knew it was time to go “over the top” as they say.

We blasted out an email to every Chase Senior Manager we could find. Did we do it once? Twice? Three times? No we blasted it out every 2 hours from 7 AM until 4 PM.

Well, we have quite a few angry managers at Chase. We were called unprofessional and were told that was no way to get a return call or resolution, but you know what? We got a response and it looks like our sale date will be postponed allowing us time to resolve the issue and close the escrow.

Did we make new enemies? Probably, but I don’t work for Chase, I work for the seller. If you were working with an agent who was a Chase Priority Partner would they have gone to those extremes – not likely.

Is a West Sacramento Short Sale Right for Me?

Tuesday, September 25, 2012

West Sacramento Short Sale Information – CalHFA Short Sale II

Today let’s talk about our recent CalHFA Short Sale Success.

Great story here. A client called us to discuss their current mortgage situation. They had a CalHFA loan, owed more than the property was worth and needed to get out from under the financial hardship. Truly they could afford the payment but their situation had changed since he purchased the property 5 years prior.

Knowing this was CalHFA we knew this would take longer than usual. While we typically get most West Sacramento Short Sales completed within 45- 60 days our experience told us we were looking at 60 – 90 days minimum.

An added twist was that the seller had initiated a loan mod prior to calling me so we spent the first 30 days getting the loan mod cancelled before CalHFA would even entertain our request for West Sacramento Short Sale.

Now the good folks over at CalHFA quite frankly over loaded. Because our file was transferred from loan mod to Short Sale it seemed to get lost in the shuffle.

As the never say die, never take “NO” guys we did end up escalating the file to senior management to get the file moving forward. Once this happened we were assigned a great CalHFA negotiator who took the lead and pushed our file through.

45 days after escalating the file we now have our approval. The Seller never missed a payment and will be able to protect his credit and get a fresh start financially. All’s well that ends well. Shouldn’t you be thinking along those lines?

Is a West Sacramento Short Sale Right for Me?

Monday, September 24, 2012

West Sacramento Short Sale Information - Freddie Mac Short Sale While Current

Today let’s talk about a recent Bank of America serviced Freddie Mac owned Short Sale we just received approval on.

Bank of America / Freddie Mac – what’s the big deal you say. Well the big deal is this nice little family never missed a payment AND there was a CalHFA silent second! Now we are talking’ a big deal.

As the story unfolds we received a call from a nice family in Roseville who like so many owed more than their house was worth and needed to relocate. Mr. and Mrs. Seller bought the condo while they were childless and had since had two handsome boys. Needless to say, the condo no longer fit their needs.

Wanting to do the right thing and feeling a moral obligation to pay as long as they could and also to protect their credit, these sellers elected to remain current on their payments. As it turns out during the Short Sale process, Mr. Seller was offered and accepted a job more than 90 miles away. With him living in motels and couch surfing with friends while his family was still in Roseville made failure on our part not an option.

As we always do, we presented Bank of America and Freddie Mac a near perfect Short Sale package and relentlessly followed up on the progress of the Short Sale. After nearly 45 days we poised to get our approval when Freddie Mac requested additional financial information because the sellers were still current.

Freddie Mac took two weeks to review the additional information and low and behold issued the approval letter.

Now, earlier we mentioned the CalHFA silent second that the sellers were about to have to start paying on. Guess what, the second was service by Bank of America as well and the second agreed to the Short Sale. My sellers are now waiting for the escrow to close so they can be together as a family again, walk away from over $300,000 in debt with no liability for the unpaid balance or income taxes for the forgiven debt and start a financial fresh life in their new city. Does it get much better than that?

Is a West Sacramento Short Sale Right for Me?

Friday, September 21, 2012

West Sacramento Short Sale Information – Why Loan Mods Fail

Mike Rigley Certified Default Advocate, Distressed Property Expert and your short sale specialist here thank you for joining us. Today let’s talk about why West Sacramento Loan Mods Fail

Jon Prior with Housing wire reported this week that more than 1 Million HAMP loan mods have been cancelled. 1 MILLION! A little over 770,000 borrowers failed to finish either the three month trial period or were determined to not qualify. Another 229,000 permanent modifications redefaulted after making the first three trial payments

While this is crazy it certainly should not be surprising. What is a loan mod really? Rarely is there a principle reduction involved so in essence a West Sacramento loan mod is really a refinance program where you are actually buying your house back for the amount you owe not what it is worth. This is nuts! Why would anyone pay twice what a home is worth. You wouldn’t right? But truly isn’t that exactly what you are doing when you get a West Sacramento loan mod. If there is no principle reduction, and rarely is there, if you get a new low interest loan for your $400,000 on a house worth $200,000 didn’t you just pay twice what the home was worth? Sure you did. That is why there are more failed loan mods that actual permanent loan mods. The only person the West Sacramento Loan Mod is good for is the Bank. Why wouldn’t they want to keep you in that loan. They would be crazy not to. Heck, if you are willing to pay twice what something is worth they have a whole portfolio to sell you.

Guys, don’t get caught up in the fallacy of a West Sacramento Loan Mod. Unless you are getting a principle reduction, and less than 1% of those who apply do, you are getting taken to the cleaners on a West Sacramento Loan Mod pure and simple.

The window of opportunity to get out from under your over encumbered property s small . Make hay while the sun is shining and get out from that Albatross you call a mortgage and get a financially fresh start. Call me today so we can discuss your options

Is a West Sacramento Short Sale Right for Me?